South Korea: One More Reason to Consider Decentralized exchanges (i.e. Bitshares)
In a rushed effort, South Korea have reportedly made their move on exchange-based cryptocurrency trading.
In a Reuters report originally titled south Korea justice ministry prepares to ban cryptocurrency trading, exchanges raided (which has since been retitled to pretend they weren't in on the FUD) it has been announced that south Korean police and tax authorities have raided local cryptocurrency exchanges as the government moves to ban trading of cryptocurrencies on exchanges.
South Korea has been leading the price movement on cryptocurrencies for a good while, with prices of popular cryptocurrencies reaching insane levels on south Korean exchanges compared to most, even causing coinmarketcap.com to remove South Korean exchanges from their aggregated price data for the crypto market.
While this may seem like a tinfoil hat opinion, this move by south Korean authorities is a sign of things to come, whether real or in FUD spreading. I also am confident that no amount of restriction will stop people from trading crypto, and may spur people on to trade even more as they lose confidence in their government to keep up with technology.
While I am not giving financial or investment advice, I would strongly urge people to look into decentralized exchanges now instead of waiting until your own government starts having the same knee-jerk reaction. Bitshares is just one that I am familiar with, and I trust more because it was created by @Dan Larimer who also created Steem and EOS, but it is not the only player in town.
Everyone should do what is best for themselves. Privacy coins may also become a much stronger player in this market than they have already become if these kinds of FUD events keep occurring. While there are many privacy coins, Monero is the one that will take that charge when it happens, in my opinion. That is not financial or investing advice, merely my opinion.
Above all else: always buy the weakness and sell the strength. The more FUD the media piles on top of Bitcoin, the better the price will be to buy in, and the more the odds are in your favor that you will gain from their tactics.
Decentralized exchanges are the future and I use Bitshares as well. I hear Binance has plans for a decentralized exchange built on their BNB token too. Considering their exhaustive token listing , that should be interesting.
good work @briggsy
good article @briggsy
thank you for sharing
good work @briggsy
thank you for sharing
Nice. Thanks for sharing this too
Absolutely agree with you! I use only BitShares. I don't want to be screwed by any tax collectors of this world and BitShares is actively supported. Charts was sucking for a while but just today I found out that they were improved recently.
I will pay taxes because I know that for functioning of a society this funds collected is essential but politicians must come to the awareness that they actually need us not we them. They are in our service and payed by us and thought must show much greater responsibility to us. Cryptos will help to force them to be as such.
p.s.I write TA articles and posts, start initiative Upvote Myself no More and series For Better Steemit#1, #2, #3, #4. Writing series TFDSRE, stuff about new way of technical analysis: #1, #2, #3.
Check my blog an meet you in my comments.
I agree. I pay taxes as it is hypocritical to expect any form of government service if I didn't. My government in Canada is very lenient on cryptocurrencies, and there are many ways of cashing out and sheltering your gains in a legal manner while being completely transparent with Canada Revenue. I would hope smart governments continue to coexist with this growing market, because people will trade in cryptocurrency no matter what knee-jerk reaction a government has. South Koreans are going to be trading just as much, and probably even more through other avenues, their government has only lopped the top of the iceberg off.
Yeah, and frighten people of South Korea which is not a good thing. Frighten people become even more akin to use cryptos. Eventually they will circumvent society infrastructure (tax system and political system) and it will turn out much worse for governing establishment. Politicians of all nations should also have to start finding solutions for this big transformation. If they will not do so they will be overrun by crypto evolution.
thanks, briggsy, for sharing this.
its an important issue, certainly one I've thought about before. it wouldn't be hard for governments to start spreading their greed towards crypto.
thank you for the article. well written
amazing good post thanks for update
Enjoy the vote and reward!